BELMAR, N.J. — Gebroe-Hammer Associates has arranged the sale of Silver Lake Garden Apartments, a multifamily community located at 104 Fifth Ave. in Belmar. A private investor acquired the property from Anza Inc., the original developer/owner, for $5.7 million, or $190,000 per unit. The 30-unit property features six two-bedroom and 24 one-bedroom units with updated kitchens and bathrooms. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.
WAYNE, N.J. — CenterPoint Properties has purchased a new distribution center, located at 95 Demarest Drive in Wayne, for an undisclosed price. Located on 14 acres and built in 2016, the 163,253-square-foot property features 90 trailer parking spaces, 219 car parking spaces, 44 dock-high doors and 28-foot clear heights. The facility is fully leased on a long-term basis to one of the largest delivery companies in North America. Britton Burdette of Stan Johnson Co. represented the undisclosed seller in the deal.
MOUNT LAUREL, N.J. — HFF has arranged $9.5 million in combined acquisition financing for three industrial facilities totaling 254,496 square feet in Mount Laurel, a suburb 20 miles east of Philadelphia. The borrower is Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures. Mike Pagniucci and Ryan Ade of HFF arranged the separate floating-rate loans for each property through Webster Bank. The properties are 600 and 601 Delran Parkway and 116 Gaither Drive. The Delran Parkway properties are 91,392 square feet and 57,104 square feet and feature 22- to 29-foot clear heights and a total of 26 loading docks. The 106,000-square-foot warehouse and distribution facility at 116 Gaither Drive features 24-foot clear heights and 13 loading docks. Food Sciences Corp. occupies the entire property at Gaither Drive.
HACKETTSTOWN, N.J. — Devli Group has acquired Hackettstown Commerce Park, a flex industrial complex located in Hackettstown. The Hampshire Cos. sold the 197,438-square-foot complex for an undisclosed price. The acquisition includes three buildings at 101 and 103 Bilby Road and 715 Willow Grove St. and 2.74 acres of developable land at 717 Willow Grove St., as well as 5.13 acres of developable land at 713 Willow Grove St. Currently 88 percent leased, the complex features units that range in size from 2,600 square feet to 30,000 square feet with 24- to 25-foot clear ceiling heights and ample parking. Tenants include the United States Department of Agriculture, Andrex, Rollon, Computer Wholesalers, Rotarex and On-Demand Technology Solutions. Andrew Merin, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented the buyer and seller in the transaction.
BRIDGEWATER, N.J. — SJP Properties has completed the disposition of a site within Somerset Corporate Center in Bridgewater for the development of a hotel and restaurant. AC Hotels by Marriott and Zinburger Wine & Burger Bar will occupy the space. Construction on the hotel and restaurant will commence this month and is expected to be completed by 2020. The AC Hotels by Marriott location will feature 150 guest rooms and a rooftop bar and lounge. The 5,800-square-foot Zinburger will offer a menu of gourmet burgers with paired wine selections. The name of the buyer and acquisition price were not released. Current tenants at the corporate campus include Linde Americas, Qualcomm, iconectiv, Mazda, Kering Eyewear, Allergan, Cognizant Technologies, Aon Hewitt and Merrill Lynch.
The New Jersey retail market continues to gain strength as landlords redevelop existing properties, successfully backfill formerly vacant supermarket and Sports Authority boxes, and even break ground on several major shopping centers. Green Leaf at Union, a new redevelopment scheduled to open this fall, will include 111,000 square feet of gross leasable area. Located on Route 22 and West Chestnut Street, the center will be anchored by Bob’s Discount Furniture and LA Fitness. Chimney Rock East and West in Bridgewater is also under construction. The new upscale center will add more than 200,000 square feet of gross leasable area to the Route 22 corridor. Tenants will include Whole Foods, The Container Store, Saks Off Fifth and Nordstrom Rack, as well as ULTA and European Wax Center, which were both represented by R.J. Brunelli & Co. (RJBCO). The District at Metuchen, a new 78,505-square-foot upscale neighborhood center, opened in downtown Metuchen on Route 27 and Middlesex Ave. It is anchored by Whole Foods, with a satellite tenant lineup that includes RJBCO clients Massage Envy and European Wax Center. The Route 35 corridor in Hazlet/Holmdel/Middletown has seen its ups and downs this past year. In Middletown, the WRDC-owned property formerly anchored by …
MOORESTOWN AND BURLINGTON, N.J. — HFF has facilitated the sale of a 26-building office/flex portfolio located in Moorestown and Burlington. Mack-Cali Realty Corp. sold the portfolio to Brennan Investment Group for an undisclosed price, free and clear of any mortgage financing. Totaling 1.2 million square feet, the portfolio comprises 24 buildings in Moorestown and two buildings in Burlington. At the time of sale, the portfolio was 91 percent leased. Tenants at the portfolio include businesses in healthcare services, pharmaceutical/clinical packaging and medical supplies. Jose Cruz, Doug Rodio, Brett Segal and Kevin O’Hearn of HFF represented the seller in the transaction.
TOMS RIVER, N.J. — Love Funding has closed an $8.1 million refinancing for Magnolia Gardens Assisted Living Facility, a 79-unit community in Toms River, located near the coast east of Philadelphia and south of New York City. Love Funding’s Laura Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term. Magnolia Gardens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program. The current refinancing, which locks in a lower interest rate for a 35-year term, will generate debt service savings. Magnolia Gardens was built in 2002 and will continue under the management of ML Healthcare Associates Inc.
BLOOMFIELD, N.J. — Marcus & Millichap has arranged the sale of Terry’s Drugs Retail Strip, a retail property located at 1049 Broad St. in Bloomfield. A private investor sold the property for $3.4 million. At the time of sale, the 8,500-square-foot center was fully leased to five retailers. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller. The name of the buyer was not released.
CLIFTON, N.J. — Marcus & Millichap has negotiated the sale of a retail property located at 449 Lakeview Ave. in Clifton. A developer acquired the property from an undisclosed seller for $1.7 million. Dollar General occupies the 11,500-square-foot building on a net-lease basis. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller, while Cafiero, Sgambati and David Cafiero, also of Marcus & Millichap, represented the buyer in the deal.
